Bitcoin Experiences Price Spike of $400 in 20 minutes. Bitcoin News, BTC Price Chart. Wednesday, August 22nd
We will take a look at BTC price movement and important cryptocurrency news, which may affect the charts.
Important Bitcoin Cryptocurrency News
More Traders Are Shorting Bitcoin
The prevailing bearish sentiment is manifesting in the number of traders taking short position on Bitcoin. With data available from Bitfinex, it is obvious that the number of short orders are 39,252. These represent 3 percent short of an all-time-high.
Many traders take long position on Bitcoin and there has been just one occasion when short orders were more than long. That was on April 12 when short orders were 40,719.
21 Year Old Held for Running An Unregistered Crypto Exchange
It turns out that individuals are not permitted to run unregistered Bitcoin exchanges in the US as a 21 year old from Mexico Jacob Burrell Compos realized after he was arrested for conducting exchange services for his clients with no questions asked.
Compos who has been held without bail while awaiting trial in the US was arrested after trying to move into the country. Prosecutors believe that he conducted 971 fiat to crypto transactions for 900 clients and have charged him for running unlicensed money transmitting business, conspiracy to structure monetary transactions and failing to maintain anti-money laundering program.
Bitcoin Experiences Price Spike of $400 in 20 minutes
Wednesday morning was an active one for Bitcoin and indeed the coin market as the premier coin that has been trading sideways for days around the $6,400 and $6,500 range experienced a sudden spike around 01:00 UTC resulting in a rise of more than $400 in just 20 minutes. At the peak of the price movement, Bitcoin was trading at $6,816 with the addition of $428 resulting in a $12 billion capitalization addition while the total coin market has been boosted by $221 billion.
The coin market last week experiences deep losses after the SEC announced that it was postponing decisions of the bitcoin ETF that would have created an avenue for a regulated platform for Bitcoin investment.
There are indications that a scheduled maintenance that prompted Bitmex, a Hong Kong based exchange to shut down operations was responsible for the recent spike in prices of coins.
BTC/USD Price Chart, Wednesday August 22nd:
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